In the round, an additional $4.1 million in debt converted to equity from April 2004 as part of its Series B. The company has raised approximately $33 million to date, including equity and debt. The Ottawa company's post-money valuation is now $33 million.

The new funds will be used for manufacturing and inventory expansion, for more market expansion into Asia and Europe, and for product enhancements.

BTI Photonic is a supplier of metro edge systems, which consists of both proprietary hardware and software, for the build out of new broadband services. Its technology enables video-on-demand, fiber-to-the-home, gigabit Ethernet and wireless data services at the edge of metropolitan networks.

The 65-employee company, which incorporated in 1997, has been generating revenue since the fourth quarter of 2003 and has an original manufacturing equipment relationship with Fujitsu Ltd., Thurston said.